Insider Trading Global Developments and Analysis 1st Edition by Paul U Ali, Greg N Gregoriou ISBN 1420074016 9781420074017

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ISBN 10: 1420074016 
ISBN 13: 9781420074017
Author: Paul U Ali, Greg N Gregoriou

Insider trading has long been considered an endemic feature of the world’s financial markets. It is unsurprising that the recent growth in mergers and acquisitions worldwide has been accompanied by a growth in insider trading, on a scale not witnessed since the 1980’s takeovers boom. Insider Trading: Global Developments and Analysis brings together the latest law and finance research on insider trading. It provides expert coverage on the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Providing high interest and up-to-date content, the book features several recent cases, including that of Martha Stewart.

Insider Trading Global Developments and Analysis 1st Table of contents:

Part 1 The Taxonomy of Insider Trading
1 Market Inefficiencies and Inequities of Insider Trading—An Economic Analysis
1.1 Introduction
1.2 Risk Aversion
1.3 Deadweight Losses
1.4 The Pursuit of Unproductive Activities
1.5 Splitting the Pie
1.6 The Market for Lemons
1.7 Toward a More Competitive Market
1.8 Public Policy Ramifications—The Appropriate Penalty for Insider Trading
1.9 Conclusion
References

2 Securities Fraud and its Enforcement
2.1 Backdrop to the Case
2.1.1 The Statutory Framework
2.1.2 Summary of Stewart’s Case
2.2 The Investigation
2.3 The Indictment
2.4 The Charges
2.4.1 The Absence of an Insider Trading Charge
2.4.2 The Securities Fraud Charge
2.4.3 The Cover-Up Charges
2.5 The Trial
2.5.1 Typical Aspects of Stewart’s Trial
2.5.2 The Atypical Aspect of Stewart’s Trial
2.6 The Sentence
2.7 New Directions
2.8 Conclusion

3 An Economic and Ethical Look at Insider Trading
3.1 Introduction
3.2 Review of the Literature
3.3 Utilitarian Ethics
3.4 Rights Theory
3.5 Concluding Comments
References

4 Martha Stewart
4.1 Introduction
4.2 Insider Trading Law in the United States
4.2.1 The Principal Statute and Rule
4.2.2 First key Case—Chiarella
4.2.3 Second key Case—Dirks
4.2.4 Third key Case—O’Hagan
4.3 Martha Stewart and Insider Trading
4.3.1 Overall Analysis of the Insider Trading Claim against Stewart
4.3.2 Application of the Misappropriation Theory to Bacanovic and Faneuil
4.3.3 Application of the Tipper/Tippee Analysis to the Stewart Facts
4.3.4 The Nature of the Nonpublic Information Provided to Stewart
4.3.5 The Existence of Scienter in the Stewart Affair
4.4 Conclusion
References

5 Insider Trading Regulation in Transition Economies
5.1 Introduction
5.2 The Philosophical Base
5.2.1 Envy and the Labor Theory of Value
5.2.2 The Level Playing Field Argument
5.2.3 Two Philosophical Approaches to the Issue
5.3 What’s Wrong with Insider Trading?
5.4 Insider Trading In Transition Economies
5.4.1 OECD Position on Insider Trading
5.4.2 The World Bank and IMF Position
5.5 Concluding Comments
References

6 Credit Derivatives and Inside Information
6.1 Credit Derivatives and Insider Trading
6.2 Credit Derivatives and Information Asymmetry
6.3 Self-Referenced Credit Derivatives
6.4 Concluding Remarks
References

Part 2 Regulating Insider Trading A. Illegal Insider Trading
7 Inside Information and the European Market Abuse Directive (2003/6)
7.1 Introduction
7.2 The Market Abuse Directive
7.3 Definition of “Inside Information” in The Directive
7.3.1 Information of a Precise Nature
7.3.2 Information Relating to One or Several Issuers…
7.3.3 Information Expected by Derivative Market Users
7.3.4 Information Which has Not Been Made Public
7.4 Price Sensitivity
7.4.1 Reasonable Investor Test
7.4.2 Likelihood of Effect
7.4.3 Gauging Share Price Effect
7.5 Conclusion
References

8 Insider Trading in Australia
8.1 Introduction
8.2 What is Insider Trading and Why is it Prohibited?
8.2.1 Why is Insider Trading Prohibited?
8.3 How is Insider Trading Regulated in Australia?
8.3.1 The Primary Prohibition
8.3.2 Is the Information “Generally Available”?
8.3.3 Case Study 1: R v. Firns
8.4 Penalties and Statutory Defenses
8.4.1 Statutory Defenses
8.4.2 Case Study 2: ASIC v. Citigroup
8.5 Are the Regulations Effective?
8.5.1 Detection
8.5.2 Establishing the Elements of the Offense
8.6 Conclusion
References

9 The Evolution of Insider Trading Regulations in Japan
9.1 Legislative History
9.1.1 Before the 1988 Amendment
9.1.2 1988 Amendment
9.1.3 Characteristics of the Legislation
9.2 Development of Case Law
9.2.1 Nippon Shoji Case
9.2.2 Nippon Orimono KaKo Case
9.2.3 Murakami Fund Case
9.3 Introduction of Civil Fines
9.3.1 How Civil Fines Work
9.3.2 Positive Effect of Civil Fines
9.3.3 Remaining Issues
9.4 Concluding Remarks
References

10 Insider Trading in China
10.1 Introduction
10.2 Are Severe Penalties a Deterrent?
10.2.1 No Prior Convictions
10.2.2 Leniency of Punishments
10.2.3 Background of White Collar Criminals
10.3 Insider Trading Laws and Regulations
10.4 Selected Insider Trading Cases in China
10.4.1 Xinjiang Tianshan Co.
10.4.2 China International Fund Management Co.
10.5 Conclusion
References

11 Hedge Fund Fraud
11.1 Introduction
11.2 The Memorandum and Inflated Returns
11.3 Background Manager Searches
11.4 Where Were the Auditors?
11.5 Nature of the Billion Dollar Frauds
11.6 Due Diligence Questionnaire
11.7 Conclusion
References

12 Extraterritorial Reach of the Insider Trading Regimes in Australia and the United States
12.1 Introduction
12.2 Insider Trading Regulation In Australia
12.3 Insider Trading Regulation in the United States
12.4 Comments on Jurisdictional Coverage
12.5 Concluding Thoughts
References

13 An Investigation of the Whistleblower–Insider Trading Connection
13.1 Introduction
13.2 Macey: The DEW is the Whistle
13.3 The Dark Side of Insider Trading
13.4 Rule 10B5-1 Plans
13.5 Flexibility of Rule 10B5-1 Plans
13.6 Recommendations and Summary
13.7 A Final Recommendation
13.8 Conclusion
References

Part 2 Regulating Insider Trading B. Legal Insider Trading
14 A Middle Ground Position in the Insider Trading Debate
14.1 Introduction
14.2 The Insider Trading Debate
14.3 Price-Decreasing Insider Trading and Investor Benefits
14.4 Lower Costs Imposed on Investors
14.5 Conclusion
References

15 Positive and Negative Information—Insider Trading Rethought
15.1 Introduction
15.2 Positive and Negative Information
15.3 Insider Trading Versus Disclosure Duties
15.4 Trading on Positive Information
15.5 Collusive Agreements
15.6 Insider Trading Versus Whistleblowing
15.7 Perverse Incentives
15.8 Negative Information and Foreknowledge
15.9 Conclusion
References

Part 3 Economic Consequences of Insider Trading
16 The Economic and Financial Features of Insider Trading
16.1 Introduction
16.2 Asymmetry, Moral Hazard, Agency Problems
16.3 Insider Information and Agency Problems
16.4 Returns of Insider Trading
16.5 Case in the Aeronautic Industry
16.6 Conclusion
References

17 Insider Trading, News Releases, and Ownership Concentration
17.1 U.K. And U.S. Regulation
17.2 Literature Review
17.3 Data and Methodology
17.4 Results
17.5 Conclusions
17.6 Appendix
References

18 Incentives to Acquire Information
18.1 Introduction
18.2 The Model
18.3 Liquidity Allocation
18.4 Disclosure Decisions
18.5 Information Acquisition
18.6 Conclusion
18.7 Appendix
References

19 Insider Trading in Emerging Stock Markets
19.1 Introduction
19.2 Corruption and Insider Trading
19.3 Brazilian Insider Trading Laws
19.4 Evidence from Brazil
19.5 Final Remarks
References

20 Legal Insider Trading and Stock Market Reaction
20.1 Introduction
20.2 Analysis of Legislation
20.3 Market Reactions on Euronext Amsterdam
20.4 Conclusion

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Tags: Paul U Ali, Greg N Gregoriou, Trading Global